Prospecting: Funding

Introduction: The Role of Funding in Your Prospecting Efforts

In previous chapters, we discussed how to research and monitor your scientific audience using tools to gather real-time insights. Now, it’s time to focus on one of the most critical drivers of scientific progress—and, consequently, scientific sales: funding. Whether sourced from government grants, institutional awards, or private investments, understanding where scientists secure their financial backing can help you tailor your outreach, identify opportunities, and time your engagement for maximum effectiveness.

This chapter explores the various types of funding that fuel scientific research and how you can use this data to prospect effectively. We will also highlight platforms like SciLeads, which can centralize this information, providing you with a comprehensive view of the funding landscape to facilitate more informed sales interactions.

Types of Funding in Scientific Research

Funding sources vary within the scientific ecosystem and each plays a unique role in influencing researchers’ purchasing decisions. By understanding these distinctions, you can better tailor your outreach and identify high-potential prospects.

Government Grants

Government funding often forms the foundation for large-scale research projects. Agencies such as the National Institutes of Health (NIH) in the U.S. and the European Research Council (ERC) provide significant grants to support projects that align with national or regional research priorities.

Stable, Long-Term Projects

These grants typically fund research over multiple years, offering stability to recipients. Researchers supported by these funds are often in a strong financial position to make purchases, but they may have already specified how the grant will be allocated during the application process.

Understanding Grant Cycles

Government grants follow structured timelines for applications, reviews, and awards. Knowing these cycles can help you plan your outreach efforts to coincide with times when recipients are either seeking new tools or nearing the end of their funding period.

Institutional and Academic Grants

Many universities and research institutions provide internal funding to support students, faculty, and early-career researchers. These grants often emphasize innovative or exploratory research.

PhD and Postdoctoral Fellowships

While early-career researchers may not have purchasing power, they influence lab decisions and can become future buyers as they advance into more senior roles.

Internal Innovation Grants

Institutional grants are designed to fund emerging technologies or groundbreaking projects. Identifying recipients of these funds can lead to opportunities as research expands and additional resources become necessary.

Commercial Investments

Private funding sources, such as venture capital (VC), pharmaceutical partnerships, or corporate investments, play a critical role in scaling scientific startups and early-stage companies.

VC Investments

Startups backed by VC funding are often in a high-growth phase and are more likely to make significant investments in new tools or services. Targeting these companies right after they receive funding can result in high conversion rates.

Big Pharma Partnerships

Large pharmaceutical companies frequently invest in smaller biotech firms. For example, Microsoft’s investment in OpenAI’s ChatGPT illustrates how major corporations can support cutting-edge technology. Understanding these relationships can help you identify when smaller companies are well-capitalized and open to new products.

Timing Your Outreach for Maximum Impact

While knowing who has secured funding is essential, timing your outreach can be equally important. In some cases, reaching out immediately after funding is awarded may not be the best strategy. Understanding the context in which funding is allocated can help you determine the ideal moment to engage.

Awarded Funding: Is There Room for New Vendors?

When scientists apply for funding, they often outline how the grant will be spent, specifying equipment, services, or collaborations in their application. If the awarded funding is tied to a detailed spending plan, the researcher may have already chosen the tools or vendors they intend to use, leaving little room for new options.

European Academia as a Case Study

In regions like Europe, researchers often secure funding for specific, pre-planned expenditures. In these instances, reaching out just after funding is awarded may not yield the best results. Instead, prospecting scientists who are currently seeking funding could be a more effective approach.

Reverse-Engineering Funding Searches

By analyzing previous funding cycles—examining awarded dates, amounts, and project durations—you can predict when researchers will likely need to apply for new funding. For instance, if a research project is nearing the end of its funding period, the lab may soon be looking for additional financial support and will need to justify their progress with publications and results. This would give you a window to reach out and offer assistance.

Prospects Applying for Funding

Engaging with researchers before they secure funding is ideal timing for outreach. However, identifying this opportunity can be challenging. We recommend combining various data points to create a profile of your prospects that indicates their likelihood of securing funding soon, making them worth contacting as soon as possible. Early-stage discussions allow you to influence grant applications and purchasing decisions before researchers finalize their investment plans. This approach requires a long-term sales strategy, as you are starting at the peak of the buying cycle.

Spotting Upcoming Needs

Identifying researchers who have recently received funding but have not published significant results may signal that they are preparing for their next round of applications. You can approach them with solutions that support ongoing projects or assist in meeting milestones for future funding applications.

High-Impact and High-Volume Authors

Knowing who the prominent authors and their collaborators are can suggest they are already funded or likely to secure new funding in the future. Pay attention to first author positions, as those individuals are often involved in securing funding to continue their research and will likely seek new funding opportunities.

Tradeshow Speakers

Another intriguing opportunity lies in identifying tradeshow speakers or poster presenters and comparing their tradeshow activities with their publication histories. Speakers who have not yet published their research are likely ready to discuss their study and are close to initiating their next phase of research or seeking further investment. Conversely, speakers who have recently published may have secured new funding, yet still provide opportunities to influence how their investment is utilized.

Gaining a Comprehensive View of Funding Data

Understanding the timing and type of funding is only one piece of the puzzle. A centralized, comprehensive view of all funding opportunities allows you to strategically focus your sales efforts. This is where SciLeads excels.

SciLeads: Centralizing Funding Data for Smarter Prospecting

SciLeads aggregates funding data from various sources onto a single platform, enabling you to track both public and private funding, and understand the complete financial landscape of your prospects.

Government and Institutional Grants

SciLeads tracks national and institutional grants, providing real-time updates on funding opportunities. You can set up custom alerts for grants awarded to key prospects, ensuring you are informed when new funding becomes available.

Commercial and Pharma Investments

The platform also monitors commercial investments and corporate partnerships, helping you identify which startups have received venture capital backing or established partnerships with major companies. This data enables you to target high-growth companies ready for investment.

Customizable Alerts

SciLeads offers powerful search and alert features, allowing you to create specific keyword searches that notify you of new funding events, grant awards, or pending applications. You can tailor these searches to match your target audience, industry, or region.

CRM Integration

With SciLeads, you can export data into .CSV files for deeper analysis or directly integrate funding insights into your CRM. This ensures that your sales team can act promptly on funding events and effectively track the progress of prospects.

Best Practices for Funding Prospecting

Here are several strategies to maximize the use of funding data in your prospecting efforts:

Identify Recent Awardees

Prospects who have recently secured funding are in a strong position to make purchasing decisions. However, assess whether their funding is already allocated or if there is flexibility in their budget for new vendors.

Monitor Funding Cycles

Pay attention to grant timelines to engage with researchers just before they receive funding. Connecting with them during the planning stages can provide you with a competitive edge.

Track Expiring Funding

Researchers nearing the end of their current funding may be preparing for the next grant cycle, making this an opportune time to present solutions for their upcoming projects.

Conclusion

The relationship between funding and sales in the scientific market is complex. By understanding not only the source of funding but also its timing and intent, you can significantly enhance your outreach success. Whether targeting government-funded projects, institutional research, or VC-backed startups, aligning your efforts with your prospects’ financial realities can result in more meaningful and productive engagements.

SciLeads provides the tools to centralize funding data, track important trends, and act at the right moment. By integrating funding insights into your prospecting strategy, you’ll be positioned to engage scientists and research companies at the optimal times.